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so-called fiscal cliff. despite optimism from both sides, they remain far apart on what to do about revenues with the white house saying the bush era tax rates should expire and republicans insisting any new revenues come from closing loopholes in the tax code. kristen welker joining us from the white house. he said the talks said to be stalled. what is the white house saying? >> reporter: they certainly know this is going to be a tough slog. certainly you had this sort of sense of bipartisanship after the leaders came to the white house. it seems as though that has gone awe with democrats digging in their heels on the issue of entit entitle. s and republicans on taxes. congress talking about some types of compromises, one that would include rolling back tax breaks for big corporations and wealthy americans as you just talked about. another one would potentially roll back the bush era tax cuts but instead of allowing rates to go back up to the clinton levels of 39%, maybe they would go back to 37%. these are
so-called fiscal cliff. despite optimism from both sides, they remain far apart on what to do about revenues with the white house saying the bush era tax rates should expire and republicans insisting any new revenues come from closing loopholes in the tax code. kristen welker joining us from the white house. he said the talks said to be stalled. what is the white house saying? >> reporter: they certainly know this is going to be a tough slog. certainly you had this sort of sense of...
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the so-called fiscal cliff. that combination of tax hikes and spending cuts many economists warn could throw this country back into a recession. the president and top congressional leaders met at the white house and it appeared they made progress. since then talks have hit a bit of a rough patch. joining me from louisville kentucky, for a progress report of sorts on whether negotiations stand right now, kentucky congressman john yarmuth. good afternoon to you. >> good afternoon. where do the negotiations stand right now? >> right now, this is something where the staffs of the leadership in both the house and senate and white house are trying to work through possible think they're making a lot of progress and, for instance, one of the ideas that was brought up by republicans was, just eliminate the preferences on the first $380,000 worth of income for those people making more than that and charge everybody 35%, which means that people wouldn't have to vote to raise the highest rate. the problem with that is peopl
the so-called fiscal cliff. that combination of tax hikes and spending cuts many economists warn could throw this country back into a recession. the president and top congressional leaders met at the white house and it appeared they made progress. since then talks have hit a bit of a rough patch. joining me from louisville kentucky, for a progress report of sorts on whether negotiations stand right now, kentucky congressman john yarmuth. good afternoon to you. >> good afternoon. where do...
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is there the chance that that could be the trouble for the president or could a fiscal cliff deal on top of re-election get him any political capital to flex some political muscle? >> well, i hope it was the latter. i was at the white house when the republicans took down clinton's nominee. i watched as they took down senator tower who was to become the republican secretary of defense. both parties do this unfortunately after an election. the losing party almost seeming to want some sort of sacrificial lam out there. i hope this, that what this nation most wants is to have trust once again in washington, d.c. it's a part of the program down in washington that doesn't seem to be there. while i have great respect for senator mccain who threatened to filly buster this. i couldn't have done what he did as a prisoner of war. as a fellow naval officer. i would ask him accountability for the overall public good not the party. i hope that unless he can show with firmness that there is a fact, there is some sort of issue out there that really isn't a political assertion, a partisan issue, that
is there the chance that that could be the trouble for the president or could a fiscal cliff deal on top of re-election get him any political capital to flex some political muscle? >> well, i hope it was the latter. i was at the white house when the republicans took down clinton's nominee. i watched as they took down senator tower who was to become the republican secretary of defense. both parties do this unfortunately after an election. the losing party almost seeming to want some sort...
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jon: right now, dealing with the looming fiscal cliff. just as we told you, republicans are facing increasing pressure from conservatives not to cave in on additional taxes. the president and democrats feeling the heat from big labor. the unions are making a push to protect spending on social programs and demand higher taxes on the wealthy. fox business network's rich edson live from washington with more on that battle. rich? >> reporter: good afternoon, jon. as democrats and republicans try to iron out a debt deal, democrats are saying, look, when it comes to entitlements, we'll perhaps discuss that. republicans are saying the only way we'll talk increases in tax revenue is if there are changes to into entitlement spending, medicare, medicaid and social security. labor unions are saying no way, they're launching an ad campaign to target democrats and republicans, states like new jersey, pennsylvania and virginia. in a statement one of the unions says elected officials from both parties need to listen to the will of the voters and focus o
jon: right now, dealing with the looming fiscal cliff. just as we told you, republicans are facing increasing pressure from conservatives not to cave in on additional taxes. the president and democrats feeling the heat from big labor. the unions are making a push to protect spending on social programs and demand higher taxes on the wealthy. fox business network's rich edson live from washington with more on that battle. rich? >> reporter: good afternoon, jon. as democrats and republicans...
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these kinds of proposals might get more traction if they make a deal to avoid the fiscal cliff and to get the government's finances in order for at least some short period of time. then you would see more movement on things like this. and i think there is interest in dealing with these questions on a bigger scale right now. but right now there is this immediate problem congress has to deal with. host: tom shoop, editor in chief of government executive magazine. guest: my pleasure, thank you. host: coming up next return to the u.s. postal service under the holiday special -- spending season. they lost $12 billion in 2012 and there are efforts to try to reform the system during the lame-duck session. we will talk about that. and later -- it is black friday, the traditional shopping day after thanksgiving and cnn reporting black friday sales could exceed $21 billion, from $19.3 billion in 2011. we will be right back. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> with soldiers placed on sentry duty in the roads in and o
these kinds of proposals might get more traction if they make a deal to avoid the fiscal cliff and to get the government's finances in order for at least some short period of time. then you would see more movement on things like this. and i think there is interest in dealing with these questions on a bigger scale right now. but right now there is this immediate problem congress has to deal with. host: tom shoop, editor in chief of government executive magazine. guest: my pleasure, thank you....
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. >> if a deal is not reached on the fiscal cliff tax cuts will expire on january 1st. back to black friday. unfortunately fights already breaking out. this was the scene in indianapolis a few hours ago. police were called in to break up fights. shoppers waited in line to receive vouchers for plasma tvs and learned that some of the people were selling vouchers for profit. and right now, we are going to go with waga who is live with more. good morning and tell us what is happening there and what the scene is like? >> well, no fights here, i can tell you that. a lot of folks having a good time and spending money. we are in the mall ofia and which is the largest mall in the state of georgia and largest mall in the southeast. it opened up at midnight. and few years ago we used to come up here and cover the place and then it moved to four o'clock a.m. and now midnight. they are trying to compete with the big boxes that are opening up earlier and thingings are crowded now, it is it nothing compared to what it was like in midnight they are brought out by door busters and gift
. >> if a deal is not reached on the fiscal cliff tax cuts will expire on january 1st. back to black friday. unfortunately fights already breaking out. this was the scene in indianapolis a few hours ago. police were called in to break up fights. shoppers waited in line to receive vouchers for plasma tvs and learned that some of the people were selling vouchers for profit. and right now, we are going to go with waga who is live with more. good morning and tell us what is happening there...
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. >>> up next, with juks weeks to go to the so-called fiscal cliff, can congress cook up the right deal with all the fixings? >>> plus, can economic uncert n uncertainty in d.c. score with the black friday deals. ? news. presenting androgel 1.62%. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early puberty in a child, or, signs in a woman which may include changes in body hair or a large increase in acne, possibly due to accidental exposure. men with breast cancer or who have or might have prostate cancer, and women who are, or may become pregnant or are breast feeding should not use androgel. serious side effects include worsening of an enlarged prostate, possible increas
. >>> up next, with juks weeks to go to the so-called fiscal cliff, can congress cook up the right deal with all the fixings? >>> plus, can economic uncert n uncertainty in d.c. score with the black friday deals. ? news. presenting androgel 1.62%. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your...
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lawmakers have just five weeks to get a deal to stop us from going over the fiscal cliff. i want to bring in msnbc contributor robert traynham and a democratic strategist. hi, guys. good to see you. happy day after. david, there is a lot of lobbying. the unions are running ads, don't cut medicare and medicaid. at the same time the defense industry, manufacturers, they're lobbying against cuts. afraid jobs will be lost for the people who make the weapons. the list goes on and on. so how does this shape a potential deal? >> well, there's pressure from both sides. negotiators in congress right now from both parties are trying to find a way to avoid the cliff. that could be a temporary way to do that and come back over tax reform next year. i think what the signs are that the president wants to raise tax rates on the wealthiest 2% of earners, a balanced approach, but the republican party is saying, hey, wait a minute. let's close tax loopholes, close deductions. that's a better way. so i think they are looking for are a path down the middle. >> doug, try to reconcile all of th
lawmakers have just five weeks to get a deal to stop us from going over the fiscal cliff. i want to bring in msnbc contributor robert traynham and a democratic strategist. hi, guys. good to see you. happy day after. david, there is a lot of lobbying. the unions are running ads, don't cut medicare and medicaid. at the same time the defense industry, manufacturers, they're lobbying against cuts. afraid jobs will be lost for the people who make the weapons. the list goes on and on. so how does...
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gets a deal on the fiscal cliff, greece gets its money, where is the market aversion coming from? >> happy days. >> we know growth will be useful, but apart from that. >> there's a few risks on the horizons. if the market gets a hint or a sniff that that will end, it will change. central bank policy will change. sooner maybe what we expect right now. we haven't seen it in the u.s. at all, but in europe, very worried about inflation. pledge to very low rates in the long term. and in the uk, a growing number of people. qe isn't necessarily working. that could potentially take hold. >> what's the impact of qe not working? >> rising guilt yields essentially. >> they think there will be record lows next year for the safe haven. >> they've said that for quite a long time and they've been right. in terms of looking at the risks for 2013, the ones keeping volatility low, there has to be something that they're doing which could potentially cause it spike which could weigh on yields. >> all right. thanks for that. let's get to the global market report in singapore. >> thank you, ross. asian
gets a deal on the fiscal cliff, greece gets its money, where is the market aversion coming from? >> happy days. >> we know growth will be useful, but apart from that. >> there's a few risks on the horizons. if the market gets a hint or a sniff that that will end, it will change. central bank policy will change. sooner maybe what we expect right now. we haven't seen it in the u.s. at all, but in europe, very worried about inflation. pledge to very low rates in the long term....
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is it the fiscal cliff? or does it look like the fiscal bungee cord? that's what some people are calling it. we go over for two weeks and then we snap back and get a deal and what does that deal look like? >> a lot of positive talk following the election. even bill kristol talking about let's feel free to raise taxes if it's part of a bigger deal. a lot of elections don't have consequences, midterm elections. this was supposed to be a status quo election. but something happened here. i think the fever is starting to break. >> absolutely. you're going to see it, i think, on immigration reform, and i think you're going to see it on spending and taxation. and you don't have to effect or change basic tax rates. as you know, there's all sorts of things you can do on so-called tax expenditure dealing with home mortgage deductions, dealing with state and local taxes. also there's things obviously on the spending side, entitlements and domestic spending, this isn't that hard. this is, if you will, a mini-package. this isn't necessarily on the scale of simpson-
is it the fiscal cliff? or does it look like the fiscal bungee cord? that's what some people are calling it. we go over for two weeks and then we snap back and get a deal and what does that deal look like? >> a lot of positive talk following the election. even bill kristol talking about let's feel free to raise taxes if it's part of a bigger deal. a lot of elections don't have consequences, midterm elections. this was supposed to be a status quo election. but something happened here. i...
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looming "fiscal cliff" and a positive start this morning. let's look at the numbers. right now the dow is gaining 58 points. nasdaq is up by 16. s&p moving higher by 6 points. and walmart shares are moving just slightly higher. michelle and brian, back to you. >> thank you, jason brooks with kcbs and cbsmoneywatch.com. >>> following in the footsteps of online retailers the cash- strapped u.s. postal service will be testing out same-day delivery this holiday season. same day. it will happen here in the bay area. the u.s. ps will partner with retailers and begin offering the service in san francisco this december. if things run smoothly it will en spanned to new york, chicago -- it will expand to other cities like new york, chicago and boston next year. >>> it's 6:49. let's check the weather. >> if they run smoothly. >> yeah. >> but they have to do something. the postal service is losing lots of money around the nation. wow. all right. shall we talk some weather? >> why not. [ laughter ] >>> around the bay area today, we are look at some sunsh
looming "fiscal cliff" and a positive start this morning. let's look at the numbers. right now the dow is gaining 58 points. nasdaq is up by 16. s&p moving higher by 6 points. and walmart shares are moving just slightly higher. michelle and brian, back to you. >> thank you, jason brooks with kcbs and cbsmoneywatch.com. >>> following in the footsteps of online retailers the cash- strapped u.s. postal service will be testing out same-day delivery this holiday season....
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rick: the country nearing the fiscal cliff, but our lawmakers near striking a deal. president obama meeting with congressional leaders this past week, we'll take a look at where the negotiations are and where they might be going. heather: and the american cancer society recommended annual mammograms for most women, so why does a new study say that's not necessarily a good idea? rick: also a holiday miracle. one family receives the gift of life after getting some devastating news. we'll tell you about it. >> baby did it again, and as quickly as we could possibly, you know -- i almost thought i was throwing the baby at the nurses, like quick! and the team just responded immediately. [ male announcer ] with over 50 delicious choices of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant rick: new developments in the fight to keep the u.s. postal service afloat. the cash-strapped agency noun -- announcing a plan that it hopes will help its bottom line. its package business has been growing in volume, and n
rick: the country nearing the fiscal cliff, but our lawmakers near striking a deal. president obama meeting with congressional leaders this past week, we'll take a look at where the negotiations are and where they might be going. heather: and the american cancer society recommended annual mammograms for most women, so why does a new study say that's not necessarily a good idea? rick: also a holiday miracle. one family receives the gift of life after getting some devastating news. we'll tell you...
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be part of any deal on on the so-called fiscal cliff. so can we afford the affordable care act, and what can be done, if anything, about the law? douglas holtz-eakin is the former director of the congressional budget office. thank you for joining us, doug. so speaker boehner has this opinion piece in the cincinnati inquirer where he says, quote: poot path do you agree? >> yeah. i think the speaker is right, because the fundamental roots of our big debt problems, especially going forward, are the health entitlement programs, the medicares, medicaid and the new affordable care act. it is estimated to cost about a trillion dollars over the first ten years, and i think analysts who have looked at that estimate understand it has a risk of being much larger than that. my own work suggests the costs have already gone up by about 25%, they could easily double over the next ten years. and if you're going to undertake a real fix to the debt, you have to take on spending programs like that. patti ann: all right. so "the washington post" among many
be part of any deal on on the so-called fiscal cliff. so can we afford the affordable care act, and what can be done, if anything, about the law? douglas holtz-eakin is the former director of the congressional budget office. thank you for joining us, doug. so speaker boehner has this opinion piece in the cincinnati inquirer where he says, quote: poot path do you agree? >> yeah. i think the speaker is right, because the fundamental roots of our big debt problems, especially going forward,...
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next, democrats say we need to raise taxes in order to avoid the fiscal cliff. would republicans sign a deal like that? charles gas practicery know say -- gas perino said there are a couple ways to explain next bu. [ thinking ] woer what other questionable choices i've made? i choose date number 2! whooo! [ sigh of relf ] [ male announcer ] choose taste. choose prego. >> welcome back. while still feeling a little stuffed after thanksgiving yesterday, the bloat is about to get worse. >> that's right. after the main course of the election, the leftover gridlock happening right now in washington could cause a collective fiscal stomach ache by the end of the year. >> here to explain is charlie gasparino. good to have you here. >> good morning. >> congratulations on your italian feast, yesterday. >> he's a great cook. >> so we're heading towards this fiscal cliff. we keep on hearing about it. there are three scenarios that you're concerned about. >> right. we should point out. automatic tax increases, massive budget cuts. but they don't reach a budget. >> you have th
next, democrats say we need to raise taxes in order to avoid the fiscal cliff. would republicans sign a deal like that? charles gas practicery know say -- gas perino said there are a couple ways to explain next bu. [ thinking ] woer what other questionable choices i've made? i choose date number 2! whooo! [ sigh of relf ] [ male announcer ] choose taste. choose prego. >> welcome back. while still feeling a little stuffed after thanksgiving yesterday, the bloat is about to get worse....